Credit History Without Consent: Ukraine Prepares Major Reform of Financial Data Rules

Bill moves forward in Parliament

Ukraine is moving closer to adopting a new law on credit histories, as draft law No. 14013 has been prepared for its second reading. The legislation is expected to significantly reshape how financial data is collected, stored, and used in the country.

The reform will transform credit bureaus from simple data repositories into advanced analytical institutions capable of processing large datasets, applying scoring models, and exchanging information with international partners.

 National Bank to take central role

A key provision of the draft law is the designation of the National Bank of Ukraine as the authorized regulator. The NBU will oversee the sector and maintain a unified register of all credit history bureaus, ensuring transparency and control over the market.

A much broader credit profile

Under the proposed changes, credit histories will become far more detailed. They will include:

• personal identification data;
• employment and income information;
• marital status and dependents;
• full details of credit agreements, repayments, and delinquencies;
• additional data such as bankruptcy status or other legally significant events.

In effect, this creates a comprehensive financial profile for each borrower.

Most controversial change

One of the most debated provisions allows financial institutions to transfer credit data to bureaus without the borrower’s consent. The transfer will occur automatically once a credit agreement is signed.

However, consent will still be required when a lender wants to access a person’s credit history before issuing a new loan.

Right to challenge and correct data

The bill introduces clear procedures for disputing inaccurate information:

• verification must be completed within 15 days;
• in complex cases — up to 30 days;
• incorrect data must be corrected or deleted.

If a credit agreement is признан invalid, all related information must be removed from the credit history.

Data retention rules

Credit history data will be stored for up to 10 years after the termination of a credit agreement. After this period, it must be permanently deleted.

 Paid access to reports

Credit bureaus will provide reports and analytical services on a paid basis, marking a shift toward a more commercialized model of financial data services.

 What it means for citizens

The reform aims to increase transparency and efficiency in lending decisions, but it also raises concerns about privacy and data protection.

While banks will benefit from deeper insights into borrowers, individuals will face stricter financial monitoring and greater responsibility for maintaining a positive credit history.